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The required addback is the amount of the state income tax deduction claimed on the taxpayer's federal return or the amount by which a taxpayer's total itemized deductions exceed the standard deduction otherwise allowable to the taxpayer, whichever is less.
OOS Municipal Obligation Interest Add-Back 137 Interest earned from a direct obligation of a state or political subdivi- sion other than Indiana (out of state, or OOS) is taxable by Indiana if the obligation is acquired after Dec.
Tax Add-Back If you claimed a deduction on a Schedule C, C-EZ, E, or F for taxes paid based on, or measured by income and levied at a state level by any state in the U.S., you must add this deduction back to your Indiana return. DO NOT INCLUDE PROPERTY TAXES ON THIS LINE.
These ?add-backs? are financial adjustments made to a company's financial statements to reflect its true earnings. As many owners will readily admit, the expenses reported to the IRS include a lot of ?optional? expenses. Said another way, most owners will run personal expenses through the business.
Indiana. On , Indiana enacted S.B. 419, which requires a deduction for R&E expenditures that were required to be capitalized for federal purposes and an addition for any R&E expenditures deducted for federal purposes ? effectively decoupling from the federal capitalization treatment under Section 174.
Indiana Code § 23-0.5-3-1. Permitted Names; Falsely Implying Government Agency Status or Connection :: 2022 Indiana Code :: US Codes and Statutes :: US Law :: Justia.
Conformity Add-Back ? Positive Entry (3-digit code: 120) If the state legislature does not conform to federal code changes enacted after March 31, 2021, you may have to amend your return at a later date to reflect any differences between Indiana and federal law.
For 2021 and 2022, Taxpayer will claim the otherwise allowable depreciation but will have zero apportionment, effectively disallowing the deduction. For 2023, $115,200 will be permitted as a depreciation deduction, and for 2024 $57,600 will be permitted as a depreciation deduction for the last year.